<SEC-DOCUMENT>0001104659-25-027859.txt : 20250326
<SEC-HEADER>0001104659-25-027859.hdr.sgml : 20250326
<ACCEPTANCE-DATETIME>20250325181541
ACCESSION NUMBER:		0001104659-25-027859
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250326
DATE AS OF CHANGE:		20250325

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GFL Environmental Inc.
		CENTRAL INDEX KEY:			0001780232
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				830700795
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272013
		FILM NUMBER:		25769600

	BUSINESS ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9
		BUSINESS PHONE:		9053260101

	MAIL ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GFL Environmental Holdings Inc.
		DATE OF NAME CHANGE:	20190619

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GFL Environmental Inc.
		CENTRAL INDEX KEY:			0001780232
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				830700795
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9
		BUSINESS PHONE:		9053260101

	MAIL ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GFL Environmental Holdings Inc.
		DATE OF NAME CHANGE:	20190619
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">Filed pursuant to Rule 433</P>

<P STYLE="margin: 0; text-align: right">Dated March 25, 2025</P>

<P STYLE="margin: 0; text-align: right">Issuer Free Writing Prospectus supplementing the</P>

<P STYLE="margin: 0; text-align: right">Final Base Shelf Prospectus</P>

<P STYLE="margin: 0; text-align: right">dated May
17, 2023</P>

<P STYLE="margin: 0; text-align: right">Registration No. 333-272013</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="tm2510355d1_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GFL Environmental Inc. Announces Direct Share Buyback of 17,050,298
Subordinate Voting Shares from BC Partners and Intention to Repurchase up to 7,056,027 Subordinate Voting Shares in Secondary Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VAUGHAN, ON, March&nbsp;25, 2025 &ndash; GFL Environmental
Inc. (NYSE: GFL) (TSX: GFL) (&ldquo;GFL&rdquo; or the &ldquo;Company&rdquo;) announced today that it has purchased for cancellation 17,050,298
subordinate voting shares (the &ldquo;Purchased Shares&rdquo;) directly from funds managed by BC Partners (the &ldquo;Selling Shareholder&rdquo;)
at a net price of US$46.92 per share, representing a discount of approximately 3.5% to the closing price of the Company&rsquo;s subordinate
voting shares on the New York Stock Exchange on March&nbsp;25, 2025 (the &ldquo;Share Repurchase Transaction&rdquo;). The Share Repurchase
Transaction was completed pursuant to a definitive share purchase agreement entered into between the Company and the Selling Shareholder.
Pursuant to the terms of the agreement, the Selling Shareholder has agreed to a customary lock-up in respect of its remaining subordinate
voting shares, for a six-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GFL also announced today that it has agreed to
purchase for cancellation up to 7,056,027 subordinate voting shares from RBC Dominion Securities Inc. under the secondary offering of
15,739,769 subordinate voting shares (the &ldquo;Secondary Offering&rdquo;) announced earlier today by Ontario Teachers&rsquo; Pension
Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC, subject
to determination of the offering price (the &ldquo;Secondary Offering Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Repurchase Transaction and Secondary
Offering Transaction are consistent with the Company&rsquo;s previously announced plan to use approximately $2.25 billion of the proceeds
from the recent sale of its Environmental Services business to opportunistically repurchase subordinate voting shares, subject to market
conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GFL&rsquo;s board of directors (interested directors
having recused themselves) unanimously approved the Share Repurchase Transaction and the Secondary Offering Transaction (together, the
 &ldquo;Transactions&rdquo;) upon the recommendation of a special committee composed solely of independent and disinterested directors
(the &ldquo;Special Committee&rdquo;) formed to consider the transaction and the various alternatives thereto. In arriving at its unanimous
recommendation that the Share Repurchase Transaction is in the best interests of the Company, the Special Committee considered several
factors, including among other things, that the Share Repurchase Transaction would not reasonably be expected to have a significant negative
effect on the market price or value of GFL&rsquo;s subordinate voting shares. The Special Committee retained Canaccord Genuity Corp, as
financial advisor, to advise on the Transactions. As a result of the Share Repurchase Transaction and the cancellation of the Purchased
Shares, the Selling Shareholder will hold approximately 20.5% of the issued and outstanding subordinate voting shares, representing approximately
14.8% of the voting power attached to all outstanding voting shares (before giving effect to the Secondary Offering Transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&nbsp;13, 2025, the Company received exemptive
relief (the &ldquo;Order&rdquo;) from the Ontario Securities Commission (&ldquo;OSC&rdquo;) permitting it to repurchase subordinate voting
shares from underwriters in Ontario of any secondary offering undertaken pursuant to registration rights held by certain shareholders
(including the Secondary Offering). The Order permits GFL to purchase up to 50% of the subordinate voting shares initially offered for
resale pursuant to any such offering over the 12 months following the date of the Order, up to a maximum of 38,157,045 shares. The Purchased
Shares acquired pursuant to the Share Repurchase Transaction, together with any other subordinate voting shares acquired by GFL under
the Secondary Offering Transaction, will reduce the maximum number of subordinate voting shares that the Company is entitled to repurchase
from underwriters pursuant to the Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About GFL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GFL, headquartered in Vaughan, Ontario, is the
fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management services
through its platform of facilities throughout Canada and in 18 U.S. states. Across its organization, GFL has a workforce of more than
15,000 employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This release includes certain &ldquo;forward-looking
statements&rdquo; and &ldquo;forward-looking information&rdquo; (collectively, &ldquo;forward-looking information&rdquo;), within the
meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to our proposed participation in
the Secondary Offering Transaction. Forward-looking information includes all statements that do not relate solely to historical or current
facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding
our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. In
some cases, forward-looking information can be identified by the use of forward-looking terminology such as &ldquo;plans&rdquo;, &ldquo;targets&rdquo;,
 &ldquo;expects&rdquo; or &ldquo;does not expect&rdquo;, &ldquo;is expected&rdquo;, &ldquo;an opportunity exists&rdquo;, &ldquo;budget&rdquo;,
 &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;, &ldquo;outlook&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;projection&rdquo;, &ldquo;prospects&rdquo;,
 &ldquo;strategy&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;does not anticipate&rdquo;, &ldquo;believes&rdquo;, or
 &ldquo;potential&rdquo; or variations of such words and phrases or statements that certain actions, events or results &ldquo;may&rdquo;,
 &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo;, &ldquo;will&rdquo;, &ldquo;will be taken&rdquo;, &ldquo;occur&rdquo; or
 &ldquo;be achieved&rdquo;, although not all forward-looking information includes those words or phrases. In addition, any statements that
refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance
but instead represent management&rsquo;s expectations, estimates and projections regarding future events or circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking information is based on our opinions,
estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known
and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance
or achievements to be materially different from those expressed or implied by such forward- looking information. Important factors that
could materially affect our forward-looking information can be found in the &ldquo;Risk Factors&rdquo; section of GFL&rsquo;s annual information
form for the year ended December&nbsp;31, 2024 and GFL&rsquo;s other periodic filings with the U.S. Securities and Exchange Commission
and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged
to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such
information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have
attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking
information, there may be other factors not currently known to us or that we currently believe are not material that could also cause
actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance
that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in
such information. The forward-looking information contained in this release represents our expectations as of the date of this release
(or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise,
except as required under applicable U.S. or Canadian securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references to &ldquo;$&rdquo; in this press
release are to Canadian dollars, unless otherwise noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patrick Dovigi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 905 326-0101<BR>
<U>pdovigi@gflenv.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
